[cryptica]

I was a Bitcoin skeptic for years so I understand this point of view. This point of view makes sense if you assume that the financial system works properly which is what the vast majority of people still assume.

The vast majority of people are wrong. The financial system doesn't work; it's easy to exploit. It's no coincidence that many cryptocurrency enthusiasts are hackers; they found vulnerabilities in the system and are exploiting it. In the context of our corrupt, dysfunctional system, the value is solid and price will always go up in the long run.

Corporations are also exploiting the financial system using many of the same tricks, but cryptocurrencies have the advantage of being completely faceless and totally unaccountable. It's the next phase in the evolution of corporate personhood; which was a horrible but very successful idea. It's all about reducing liability. Whatever financial instrument is best at reducing its liability will win.

[smsm42]

You seem to be confusing two things - system working and system being un-exploitable. Example - it's pretty easy to shoplift in any of the retail shops. In fact, shoplifting happens all the time. Still, nobody would claim retail model doesn't work because people would just come and shoplift everything and nobody would pay and the retailer would go bust. What actually happens is that vast majority of people do not shoplift, and the retail system works and produces massive profits.

> but cryptocurrencies have the advantage of being completely faceless and totally unaccountable

Advantage, but also disadvantage. If a bank cheats you, you have options to complain to regulators, to the police, to the FBI, to you Congress representative finally. It won't work in all cases, but it's an option that's available to you. If a crypto scammer cheats you, well, nobody is accountable. For some people, it's a big issue, because it greatly increases the friction in transactions.

[cryptica]

This is not true because the bank does cheat me. Has been cheating me for a decade but the police won't do anything about it. If I try to sue the Reserve Bank, the judge will dismiss my case without even hearing the evidence.

Also, politicians never answer my emails and I did try. I must be living on a different planet.